ICT-IOT

Digital Trust Market is Expected to Reach USD 1,229.48 Billion by 2031.

Mar 2024

ICT-IOT

As per the report published by Kings Research, the global Digital Trust Market was valued at USD 351.02 billion in 2023 and is projected to reach USD 1,229.48 billion by 2031, growing at a CAGR of 17.32% from 2024 to 2031.

Rapid digital transformation across industries is propelling the expansion of the digital trust market. Organizations are integrating digital technologies to enhance efficiency and competitiveness, which is fueling the demand for robust digital trust solutions. This shift is particularly evident as businesses increasingly integrate Internet of Things (IoT) devices into their operations. This creates an opportunity for the development and implementation of digital trust solutions that secure communication and data exchange among interconnected devices.

The market scenario reflects a dynamic landscape where cybersecurity concerns and the rising need for reliable authentication mechanisms drive investment in digital trust. The forecast indicates a promising growth trajectory as the digital trust market is expected to witness substantial growth.

Key Insights

  • Based on component, the solutions segment held the largest market share of 60.12% in 2023
  • Based on application, the identity verification segment generated the highest revenue of USD 109.60 billion in 2023
  • Based on end-user industry, the banking, financial services, and insurance (BFSI) segment registered the highest revenue of USD 140.83 billion in 2023
  • On the basis of region, North America accounted for the largest market share of 35.12% in 2023

Digicert and Oracle Enhance Digital Certificate Security in Strategic Partnership

May 2023: Digicert partnered with Oracle to strengthen digital certificate security. The collaboration integrated Digicert's advanced certificate management platform with Oracle Cloud Infrastructure, thereby improving the security and management of digital certificates across Oracle's cloud services. This partnership streamlined certificate deployment and management for organizations using Oracle Cloud, ensuring a secure foundation for digital interactions. In the evolving digital landscape, the collaboration demonstrated a commitment to cutting-edge cybersecurity solutions, addressing the challenges of digital trust and secure communication.

Increased Online Transactions to Propel Digital Trust Market Development

The surge in online transactions, fueled by the expansion of the e-commerce sector, online banking, and digital transactions, underscores the necessity for trustworthy digital platforms. The increased adoption of digital channels for financial and commercial activities requires a robust digital trust framework. This factor emphasizes the critical role played by digital trust solutions in securing online interactions, safeguarding sensitive data, and preventing fraud. As consumers and businesses engage in a growing number of online transactions, the demand for innovative digital trust technologies intensifies.

Global Expansion of E-commerce Industry to Unlock Opportunities for Digital Trust Solutions Adoption

The global expansion of the e-commerce sector is presenting lucrative opportunities for digital trust solutions to support secure and seamless cross-border transactions. This opportunity arises from the rising need to address challenges related to international data protection and compliance. As businesses strive to extend their reach and engage in e-commerce activities, ensuring trust in online transactions becomes paramount. Digital trust solutions, encompassing secure payment gateways, identity verification, and compliance with regional data protection laws, are instrumental in fostering a secure global e-commerce environment. This expansion not only broadens market growth opportunities but also underscores the pivotal role that digital trust plays in facilitating the growth and sustainability of cross-border transactions in the dynamic global e-commerce landscape.

Asia Pacific to Emerge as the Fastest-Growing Region with a Projected CAGR of 23.08% Between 2024 and 2031

Based on region, the global digital trust market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. In the forecast years, Asia Pacific is poised to emerge as the fastest-growing region in the digital trust market. This growth is mainly driven by the region's rapid adoption of digital technologies, expanding digital ecosystems, and increasing awareness of the importance of digital trust. With diverse economies embracing digital transformation, the demand for secure and reliable digital trust solutions is increasing. Asia Pacific's position as a key region in the digital trust market underscores its pivotal role in shaping the future landscape of digital security and trust in the global digital economy.

Companies Focus on Launching Cutting-Edge Products to Exceed Consumer Reach

The global digital trust market is fragmented with key players such as IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., Gemalto N.V., McAfee, LLC, Symantec Corporation, Thales Group, Trustwave Holdings, Inc., Entrust Datacard Corporation, and others. Companies employ a variety of strategic measures, such as acquisitions, mergers, partnerships, product introductions, and collaborations, to expand their business globally and enhance their competitive position.

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